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Payment app Velocity raises £7.6m

29 June 2015

Smartphone restaurant payment app Velocity, which allows diners to pay without waiting for the bill, has raised £7.6m.

The start-up business was founded by childhood friends Zia Yusuf, 28, and Alex Macdonald, 27, after they quit their respective jobs at Goldman Sachs and the American industrial investor AIAC.

The backers of the business are Aaron Simpson (co-founder of the Quintessentially Group), Tom Glocer (former chief executive of Thomson Reuters and chair of Morgan Stanley's technology committee) and Val Gooding (board of Vodafone and TUI Travel).

Velocity claims that on average, diners wait 11 minutes for their bill. That time can be cut to almost nothing through the use of its app and diners are then free to leave when they finish their meal.

Restaurant businesses to have signed up to the technology already include Peyote, Burger & Lobster, Chotto Matte, the Cuckoo Club, Hix Restaurants and Galvin Restaurants.

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Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

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